Jamie Dimon regrets calling bitcoin a 'fraud'

Jamie Dimon, the chairman and chief executive of JPMorgan, has pulled back from past comments calling bitcoin a "fraud", as the cryptocurrency moves towards the financial mainstream.

"I just have a different opinion than other people".

"The only value of bitcoin is what the other guy'll pay for it", Dimon said during a discussion at an Institute of International Finance conference in October. (JPM.N) chief executive officer, who earlier called the cryptocurrency a "fraud", said Tuesday he wishes he hadn't dismissed the technology in such broad terms. The blockchain [technology which underpins cryptocurrencies such as bitcoin] is real.

"You're going to see companies doing things in the short run like increasing wages and a bunch of stuff like that, or one-time bonuses", Dimon told FOX Business' Maria Bartiromo on "Mornings with Maria".

Dimon remained bullish on the prospects for continued growth, despite some Federal Reserve officials having gone on the record to caution that tax cuts and other measures could overheat the USA economy, leading to higher borrowing costs that might stymie growth.

Dimon had called bitcoin a fraud at a bank investor conference in NY in September.

"I'm not interested that much in the subject at all", he said.

It is noteworthy how the outspoken CEO repeated his positive stance on the technology backing bitcoin, the so-called blockchain.

Although it remains volatile, its price has tripled since Dimon made his comments, and the cryptocurrency surged to an all-time high of around $20,000 last month.

The value of bitcoin, which was up by more than 1,500 percent in the past 12 months, declined by nearly 4 percent on Tuesday to $14,432.

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